Schroders has reported that assets under management climbed 15 per cent to a record £271.5bn in the first half of 2014 as net inflows in the period reached £4.8bn.
The asset manager revealed that pre-tax profit was up 6 per cent in the six months to June 30 to £233.9m, compared to £221.7m in the same period in 2013.
Schroders stated: “The integration of the wealth management business of Cazenove Capital is progressing well and the response from clients has been encouraging.”
Assets under management in its wealth management business were £30.7bn at the end of June, nearly double the £16.9bn recorded in the first half of 2013.
In its half-year results the group announced that net revenue in its asset management business increased to £621m, up 6 per cent on the £585.7m reported a year earlier, including performance fees of £8.3m.
Net inflows into intermediary were £3.8bn in the six-month period and concentrated in multi-asset and equities, according to the group.
Chief executive Michael Dobson said: “Schroders achieved record results in the first half of 2014. We have seen good inflows in July and we have a significant pipeline of business we have won in institutional which has not yet been funded.
“Our focus on delivering long-term value for shareholders is reflected in the 50 per cent increase in the interim dividend.”
